Comerica Bank Sells 4,428 Shares of Installed Building Products, Inc. $IBP

Key Points

• Comerica Bank has reduced its holdings in Installed Building Products by 21.6%, now owning 16,104 shares valued at approximately $2.76 million.
• In the last 90 days, company insiders have sold a total of 11,655 shares worth over $3.12 million, leading to a 14.61% decrease in insider holdings for William Jeffrey Hire.
• Installed Building Products recently reported earnings per share of $2.95, exceeding analysts' expectations, and declared a quarterly dividend of $0.37 to be paid on September 30th.

Comerica Bank lowered its position in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,104 shares of the construction company's stock after selling 4,428 shares during the quarter. Comerica Bank owned about 0.06% of Installed Building Products worth $2,761,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in Installed Building Products by 142.1% during the first quarter. UMB Bank n.a. now owns 184 shares of the construction company's stock valued at $32,000 after buying an additional 108 shares during the period. Fifth Third Bancorp lifted its position in Installed Building Products by 74.6% during the first quarter. Fifth Third Bancorp now owns 227 shares of the construction company's stock valued at $39,000 after buying an additional 97 shares during the period. McIlrath & Eck LLC lifted its position in Installed Building Products by 32.3% during the fourth quarter. McIlrath & Eck LLC now owns 250 shares of the construction company's stock valued at $44,000 after buying an additional 61 shares during the period. Mpwm Advisory Solutions LLC purchased a new position in Installed Building Products during the fourth quarter valued at $90,000. Finally, Covestor Ltd lifted its position in Installed Building Products by 92.1% during the first quarter. Covestor Ltd now owns 557 shares of the construction company's stock valued at $96,000 after buying an additional 267 shares during the period. Hedge funds and other institutional investors own 99.61% of the company's stock.

Insiders Place Their Bets

In other news, COO Brad A. Wheeler sold 3,186 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $275.29, for a total transaction of $877,073.94. Following the transaction, the chief operating officer directly owned 8,736 shares of the company's stock, valued at $2,404,933.44. This represents a 26.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William Jeffrey Hire sold 6,500 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $265.71, for a total value of $1,727,115.00. Following the transaction, the insider directly owned 37,999 shares in the company, valued at approximately $10,096,714.29. The trade was a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,655 shares of company stock valued at $3,123,578. Company insiders own 16.20% of the company's stock.

Installed Building Products Stock Performance

Shares of NYSE:IBP traded up $8.04 during midday trading on Thursday, reaching $272.79. 133,909 shares of the company's stock traded hands, compared to its average volume of 441,496. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 30.34 and a beta of 1.76. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.31 and a current ratio of 2.85. Installed Building Products, Inc. has a one year low of $150.83 and a one year high of $278.74. The stock has a 50 day moving average of $224.54 and a 200 day moving average of $187.31.

Installed Building Products (NYSE:IBP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The construction company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.45 by $0.50. The firm had revenue of $760.30 million for the quarter, compared to the consensus estimate of $711.37 million. Installed Building Products had a return on equity of 60.27% and a net margin of 8.45%.The company's quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.84 earnings per share. As a group, equities research analysts anticipate that Installed Building Products, Inc. will post 10.66 EPS for the current fiscal year.

Installed Building Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, September 15th. Installed Building Products's dividend payout ratio is presently 16.46%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Zacks Research raised Installed Building Products from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Danske cut Installed Building Products from a "buy" rating to a "hold" rating and set a $252.00 target price on the stock. in a research note on Tuesday, August 12th. DA Davidson cut Installed Building Products from a "buy" rating to a "hold" rating and increased their target price for the stock from $225.00 to $252.00 in a research note on Tuesday, August 12th. Royal Bank Of Canada reissued an "underperform" rating and issued a $184.00 target price (up from $145.00) on shares of Installed Building Products in a research note on Thursday, August 7th. Finally, Zelman & Associates raised Installed Building Products from an "underperform" rating to a "neutral" rating in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $217.36.

Installed Building Products Profile

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.